With these saving tips, retirees have more money at their disposal

Updated: 05/14/2022 – 20:16

Rising prices
Inflation eats up your pension: These tips will give you more money to live on


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Inflation continues to eat up the already meager pension. But if you save up right, you still have money left at the end of the month. (Icon picture)

High inflation and persistent price increases are especially difficult for pensioners. But with the right advice, there is still money left at the end of the month. All savings tips at a glance.

At the turn of the year, 21 million retirees already had reason to be happy: Labor Secretary Hubertus Hill announced that pensions should rise dramatically this summer. But most people don’t have much of a “salary raise” left because rising inflation eats up their pensions. This is likely to become increasingly frustrating for many retirees. But this does not have to be! By following these helpful tips, you’ll still have money left over from your pension at the end of the month.


More money with savings tips for retirees: family notebook for an overview of income and expenses


Overview of expenses is often lost – at the end of the month most people wonder where all the money has gone. The little things often pile up at the end. If you want to effectively reduce your expenses, you must first get an overview of all income and expenses – not roughly, but very precisely. This can be annoying, but it helps tremendously when it comes to saving. It is best to keep a home ledger so that you know your financial situation. In this you write all your monthly income (monthly pension) and your fixed expenses (rent, electricity, insurance, etc.). Writing down all fixed costs is often enough to reveal the first unnecessary expenses.


The following applies: Whether it is the classic method on paper, on a computer, or with the help of an application – if you enter all your income and expenses for three months, you will get a realistic picture of your consumer behavior. You can then see where there is still potential for savings. Maybe with a cell phone contract? Changing service providers often saves a lot of money. In addition, many telephone service providers have large tariffs. Here again there is potential for savings of up to 20 per cent.

Save money by switching insurance companies


When it comes to insurance, the Germans are in great shape. As a rule, most of us suffer from overinsurance – this is especially true for retirees. Because not everything that was important to working life still makes sense in retirement. Therefore, be sure to review your documents to see which insurance is still beneficial for you. As a retiree, you can confidently cancel professional and disability insurance. But you can still save money with the remaining insurance policies. For some of them, it may be worth changing the tariff or provider. For example, liability insurance policies are getting better and better over time and at the same time much cheaper. You can also save a lot of money if you don’t pay your premiums monthly but annually. Because most insurance companies offer a generous discount in this case.

It’s also helpful to know: Tax return: You can deduct these insurance contributions from your taxes.


Shop smart in the supermarket


Those who want to reduce their expenses because their pension is no longer sufficient to cover all costs usually save on food. But this does not have to be the case. Because you can also save a lot when shopping without giving up your favorite food. Many supermarkets and convenience stores sell food without their own name or brand. Compared to branded products, these are much cheaper. However, they usually contain equivalent products. Read about the brands behind cheap foods.


The following also applies: Use the brochures in your mailbox and plan your purchase with valuable offers or coupons inside. Because if you plan your purchase smart, you can save a few euros. And if the shopping list allows it: just use the shopping cart instead of the cart. This does not tempt you to fill it completely with useless things.


It’s also best to take a look at our cashback campaigns: How to get free drugstore products and groceries – that’s how it works!



Use discounts and higher tariffs


Just as they did when they were children or students, seniors also benefit from generous discounts on many recreational activities such as cinemas, museums, or swimming pools. But there are also often special monthly or annual passes for retirees on local public transport. In order to take advantage of these rich discounts, a pension certificate is often sufficient. But don’t worry, you don’t have to apply separately to get it. Because “Retirees combine it with a pension notice,” according to the Consumer Advice Center in North Rhine-Westphalia.


Reduce housing costs


Anyone who does not own property or has not yet paid for it by retirement age will probably spend more on rent each month. To save costs here, you can consider downsizing. Especially if you live, for example, in a very large apartment or house. Alternatively, you can also offer unused rooms for subletting. If you live in the heart of the city, you might consider moving to the countryside or suburb. Because rents and real estate there are often much cheaper than in the big city.


Health permits: Increase your pension with a part-time job


If you are still fit enough, you can supplement your pension with a part-time job. The following applies: If you have already reached the standard age, there is no upper limit on earnings. However, you must mention your earnings from earnings on your tax return. If you reach the minimum age (67 years), your secondary service must not exceed the 450 limit. Otherwise, you risk a reduction in your pension.


You can find more about working as a retiree here: Extra Retirement Income: You are really allowed to earn that much.


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Sources: focus.de, t-online.de, active-rentner.de


You do not necessarily have to spend the retirement period you deserve in Germany. Especially those who do not want to do without anything despite their small pension usually live more comfortably abroad. After all, the cost of living is much lower there. But what’s the best place to live after work? These are the best countries for a golden retirement in paradise.


If you want to spend the rest of your life abroad, do some thorough research beforehand. In this way, unpleasant surprises can be avoided in advance. Immigration as a retiree: Pay attention to this.


You can find more information and tips on how to save money on our topic page. Our legal guide is available to you for more financial and pension questions.



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